Law firms superficially look the same, but even firms with similar headline financials such as revenue and profits can look very different under the hood.

In the US, there are conservatively managed firms firms such as McDermott Will & Emery and K&L Gates that make a virtue out of their no-debt status, while firms at the other end like Dewey were so fond of debt, they issued bonds.

That’s why this survey is so timely, as it lifts the lid on a corrosive aspect of law firm finances.

Yes, debt can fuel growth and expansion, but it can kill firms as well.

I’d like to see an equivalent of this for US firms – either by The Lawyer or one of the US-based publishers.

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